Episode
Ep. 39 Who's Really Profiting in Behavioral Healthcare with L.A. Galyon
- Published
- Feb 10, 2026
- Duration seconds
- 3555
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Summary
In this episode of MasterMined , returning guest L.A. Galyon of Brentwood Capital Advisors joins Mark Scrivner, Jeff Skillen, and Lee Pepper to unpack what he's seeing across healthcare investment as the industry heads toward 2026. Fresh off the J.P. Morgan Healthcare Conference, L.A. breaks down capital trends, valuation realities, and why behavioral health remains one of the most compelling—yet misunderstood—sectors for investors. The conversation digs into why outpatient and hybrid care models are gaining momentum, how payer dynamics and middlemen continue to distort incentives, and what founders must do now to build durable, investable businesses. L.A. also offers candid perspective on private equity's reset, realistic valuation expectations, and the operational discipline required to pass diligence in today's market. Key Moments 01:09 – Why JP Morgan sets the tone for healthcare investing each year 03:50 – The shift from provider roll-ups to "picks and shovels" investments 04:52 – Why behavioral health is still early in its lifecycle 08:19 – Moving care out of facilities and into lower-cost settings 12:36 – The growing frustration with healthcare middlemen 18:05 – What private equity learned from the last three years 24:15 – Why decisive buyers are winning deals again 36:20 – What actually drives higher multiples in behavioral health 42:36 – How much providers should really be spending on marketing 48:27 – Three things leaders should do now to build long-term value Learn More & Connect Show Notes + Resources: https://snapshotinteractive.com/mastermined Connect with L.A. Galyon: https://www.linkedin.com/in/l-a-galyon-88244321/ | https://www.brentwoodcap.com Connect with Mark Scrivner: https://www.linkedin.com/in/markscrivner | https://snapshotinteractive.com Connec…